2017 was a bit year for Bitcoin. Bitcoin owners had a great year as well, and because of that, the news today is that Bitcoin Charity Donations Increased 10-Fold In 2017. Not only did the cryptocurrency leap from $1,000 in January to nearly $20,000 by end-of-year, but Bitcoin also proved to be a reliable way of giving back. Donors contributed approximately $70 million in Bitcoin and other digital currencies to their favorite causes last year, which comes according to a report by Fidelity Charitable.

That is nearly a ten-fold increase from the $7 million that people donated the year previous. While it has been great for charities, it can be a bit of a tax hit for crypto investors. Fidelity Charitable noted: “[the] ability to accept cryptocurrency donations allowed cryptocurrency holders to take advantage of the surge in appreciation to benefit charity. By donating these assets, the donors could eliminate the significant capital gains taxes on the appreciation while giving the full fair market value to charity [my emphasis].” Interesting news to say the least. Give us your thoughts in the comments below and stay tuned for more cryptocurrency coming soon.